Capri Holdings Ltd and Tapestry Inc. scrapped their $8.5 billion plan to merge after a court order froze the proposed combination of the US fashion companies due to antitrust regulators’ objections.Tapestry,

Fashion companies Capri Holdings Limited and Tapestry -- parent companies behind the Coach and Michael Kors brands -- ended their $8.5 billion merger deal Thursday. The deal was blocked by the Federal Trade Commission.

The parent companies of brands such as Coach, Kate Spade, Versace and Michael Kors decided not to proceed with a court battle.

A federal judge ruled Wednesday that a Federal Trade Commission lawsuit accusing Facebook owner Meta of holding an illegal monopoly over social media can proceed to trial, handing the agency a victory after previous setbacks in making its case in court.

In a statement to The Verge, Meta spokesperson Christopher Sgro said the company is “confident” the trial will show its acquisitions of Instagram and WhatsApp were “good”

A judge largely denied Meta's motion to end the case filed against Facebook in 2020 alleging that the company acted illegally to maintain its social network monopoly.